Loan Against Property for Doctors - Instant funding without selling your property
Let's say you are an established doctor in a bustling metropolis or a local neighbourhood and you have a sudden requirement of funds. This may be for an emergency or for upgradation of your current workspace. At this juncture, you think of putting your property up for sale to generate funds. But, instead of selling your property, Doctors can apply for a loan against property. This way, you can retain the property and pay off the loan in a few years.
Let's take a look at some of the benefits of taking a loan against property.
1. The process is fast and easy:
Selling your property may take a long time, and you also lose an asset. But with a loan against property, you get access to funds almost instantly. The process is quick and has minimum documentation. You can use them to fulfill a personal need like hospitalization or a child's marriage or a professional one like the expansion of your business. The loan helps you with immediate financial backing at the right time.
2. You get lower interest rates:
Lenders offer loans at attractive interest rates for doctors. When you try to get a personal loan, you will find that the interest rates are quite high since it is an unsecured loan. But a loan against property is a secured loan and the interest rates are comparatively low.
3. You can use a line of credit:
As a doctor, you may need consistent funding to run your clinic or hospital. To meet this need, lenders offer the facility of the line of credit. You are assigned a credit limit up to Rs. 2 crore. The interest charged will only be on the amount availed. The loan can be paid off at your convenience through a one-time settlement or structured payments.
4. You have the option of flexible payment:
Some lenders offer you options like a flexi saver and give you more control over your loan. This is a combination of both a term loan and a credit line facility. You can manage your cash flows in an efficient manner, by withdrawing your loan amount when you need it and pre-paying it at your convenience. You can also re-avail the part you prepaid if the need arises. You can either use those funds to pay off your existing loan or withdraw from the loan account using online facilities.
5. You have online access to your loan details:
As a doctor, you tend to be busy and don’t have the time to visit your lender each time you want to know information about your loan. Hence, with online access, you can take a look at your loan account details and transactions with just a click of a button.
6. You have access to customized insurance schemes:
Some lenders like Bajaj Finserv, offer customized insurance schemes like group protection plus where you are covered up to a maximum of 18 years for the complete loan amount irrespective of the reduction or pre-payment of the loan. With Bajaj Allianz SFSP policy, your home is also covered against various emergencies.
7. You can avail loan on various properties:
Lenders offer a range of products that cover the needs of doctors. You can avail a loan against property on a commercial or residential property. Some lenders offer a service called Property Dossier, which helps doctors evaluate a property and prevent them from buying a fraudulent property or making a wrong decision.
8. You do not have to provide proof of usage for a LAP:
You can use the loan for any of your needs, be it business or personal needs. You do not need to provide any proof of usage for a loan against property. This makes it convenient and hassle free.
To sum it up
As a doctor, you can avail a loan against property for any financial needs that you have. Check the fees and charges that may be applicable for pre-payment, processing or late payments before you sign the dotted line. A loan against property can be a better alternative than selling your property.
Apply Online for Doctor Loan